Business
Lake Winn Resources Corp Announces Property Acquisition, Private Placements and Shares for Debt Settlement
Vancouver, British Columbia--(Newsfile Corp. - September 16, 2020) -  Lake Winn Resources...
About this update from Lake Winn Resources Corp.
[{"type":"text","content":"Lake Winn Resources Corp Announces Property Acquisition, Private Placements and Shares for Debt SettlementVancouver, British Columbia--(Newsfile Corp. - September 16, 2020) -  Lake Winn Resources Corp. (TSXV: LWR) (FSE: EEI) (OTC Pink: EQTXF), (the \"Company\" or \"Lake Winn\"), is pleased to announce that it has entered into a purchase and sale agreement with W.S. Ferreira Ltd. (the \"Vendor\") to acquire the Cloud Project in Manitoba, consisting of four mining claims as well as an area of interest (the \"Property\").The Property is being acquired in consideration of: (i) the issuance of 2,000,000 common shares of Lake Winn to the Vendor, (ii) a cash payment to the Vendor in the amount of $265,000 and (iii) the issuance to the Vendor of a net smelter royalty of 2% on production generated on the Property which 1% may be purchased by Lake Winn for a total cash payment to the Vendor in the amount of $1,000,000. The 1560 ha, the Cloud project is considered a drill ready gold prospect in the Flin Flon gold belt Manitoba. It is situated in excellent infrastructure road 25km of Flin Flon, a mining town with airport service. The main target is >1km long, geochemical anomaly where numerous >10g/t gold grab samples have been retrieved in historic and recent sampling of pits and outcrop of quartz veins hosted in silica and biotite altered volcanics. A geophysical IP and resistivity survey completed in 2009 reveals that the gold bearing rocks occur in the hanging wall below the rock causing the IP. There has been drilling on the property in the past but none were directed at this target. There were some holes drilled to test the IP anomaly in the far west of the property, and they intersected anomalous gold. Other drill holes far from this horizon were drilled on VLF EM anomalies in the search for VMS. In 2009 the Vender staked the property, and optioned it to another junior, this company generated the IP and resistivity drill targets but due to certain circumstance never committed to drill. The property was returned to the vendor in 2014 and has been held in good standing since.Lake Winn has commenced the permitting process and plans to drill and trench the gold bearing rocks as soon as permission is granted. Geophysics and prospecting can commence immediately. The foregoing include certain historic results that are not complia...